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Side-by-side financial comparison of NORTHERN TECHNOLOGIES INTERNATIONAL CORP (NTIC) and ARS Pharmaceuticals, Inc. (SPRY). Click either name above to swap in a different company.
ARS Pharmaceuticals, Inc. is the larger business by last-quarter revenue ($28.1M vs $23.3M, roughly 1.2× NORTHERN TECHNOLOGIES INTERNATIONAL CORP). NORTHERN TECHNOLOGIES INTERNATIONAL CORP runs the higher net margin — 1.0% vs -147.1%, a 148.1% gap on every dollar of revenue. On growth, NORTHERN TECHNOLOGIES INTERNATIONAL CORP posted the faster year-over-year revenue change (9.2% vs -67.6%).
Maxar Technologies Inc., was an American space technology company, specializing in geospatial intelligence, Earth observation, and on-orbit satellite servicing, satellite products, and related services. DigitalGlobe and MDA Holdings Company merged to become Maxar Technologies on October 5, 2017.
ARS Pharmaceuticals, Inc. is a late-stage biopharmaceutical firm specializing in the development and commercialization of novel therapies for severe allergic reactions, most notably needle-free epinephrine delivery solutions for anaphylaxis. It primarily operates in the North American market, catering to both pediatric and adult patient groups at risk of life-threatening allergic responses.
NTIC vs SPRY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $23.3M | $28.1M |
| Net Profit | $237.8K | $-41.3M |
| Gross Margin | 36.0% | — |
| Operating Margin | 4.0% | -147.6% |
| Net Margin | 1.0% | -147.1% |
| Revenue YoY | 9.2% | -67.6% |
| Net Profit YoY | -57.6% | -182.8% |
| EPS (diluted) | $0.03 | $-0.41 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $23.3M | $28.1M | ||
| Q3 25 | $22.3M | $32.5M | ||
| Q2 25 | $21.5M | $15.7M | ||
| Q1 25 | $19.1M | $8.0M | ||
| Q4 24 | $21.3M | $86.6M | ||
| Q3 24 | $23.3M | $2.1M | ||
| Q2 24 | $20.7M | $500.0K | ||
| Q1 24 | $20.8M | $0 |
| Q4 25 | $237.8K | $-41.3M | ||
| Q3 25 | $-1.1M | $-51.2M | ||
| Q2 25 | $121.8K | $-44.9M | ||
| Q1 25 | $434.3K | $-33.9M | ||
| Q4 24 | $561.1K | $49.9M | ||
| Q3 24 | $1.8M | $-19.1M | ||
| Q2 24 | $976.6K | $-12.5M | ||
| Q1 24 | $1.7M | $-10.3M |
| Q4 25 | 36.0% | — | ||
| Q3 25 | 37.9% | — | ||
| Q2 25 | 38.4% | — | ||
| Q1 25 | 35.6% | — | ||
| Q4 24 | 38.3% | — | ||
| Q3 24 | 43.8% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 40.0% | — |
| Q4 25 | 4.0% | -147.6% | ||
| Q3 25 | 4.2% | -163.7% | ||
| Q2 25 | 4.0% | -302.9% | ||
| Q1 25 | -1.7% | -466.3% | ||
| Q4 24 | 5.2% | 54.5% | ||
| Q3 24 | 11.8% | -1051.6% | ||
| Q2 24 | 7.4% | -3068.0% | ||
| Q1 24 | 10.6% | — |
| Q4 25 | 1.0% | -147.1% | ||
| Q3 25 | -4.9% | -157.4% | ||
| Q2 25 | 0.6% | -285.6% | ||
| Q1 25 | 2.3% | -425.7% | ||
| Q4 24 | 2.6% | 57.7% | ||
| Q3 24 | 7.9% | -925.0% | ||
| Q2 24 | 4.7% | -2503.2% | ||
| Q1 24 | 8.2% | — |
| Q4 25 | $0.03 | $-0.41 | ||
| Q3 25 | $-0.11 | $-0.52 | ||
| Q2 25 | $0.01 | $-0.46 | ||
| Q1 25 | $0.04 | $-0.35 | ||
| Q4 24 | $0.06 | $0.52 | ||
| Q3 24 | $0.19 | $-0.20 | ||
| Q2 24 | $0.10 | $-0.13 | ||
| Q1 24 | $0.17 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $6.4M | $245.0M |
| Total DebtLower is stronger | — | $96.4M |
| Stockholders' EquityBook value | $72.4M | $114.3M |
| Total Assets | $104.0M | $327.7M |
| Debt / EquityLower = less leverage | — | 0.84× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $6.4M | $245.0M | ||
| Q3 25 | $7.3M | $288.2M | ||
| Q2 25 | $6.8M | $240.1M | ||
| Q1 25 | $5.1M | $275.7M | ||
| Q4 24 | $5.6M | $314.0M | ||
| Q3 24 | $5.0M | $204.6M | ||
| Q2 24 | $5.8M | $218.7M | ||
| Q1 24 | $4.8M | $223.6M |
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $96.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $0 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $72.4M | $114.3M | ||
| Q3 25 | $72.1M | $147.7M | ||
| Q2 25 | $72.4M | $192.3M | ||
| Q1 25 | $69.7M | $229.0M | ||
| Q4 24 | $70.2M | $256.8M | ||
| Q3 24 | $71.2M | $201.0M | ||
| Q2 24 | $68.9M | $215.2M | ||
| Q1 24 | $68.4M | $223.9M |
| Q4 25 | $104.0M | $327.7M | ||
| Q3 25 | $102.7M | $372.8M | ||
| Q2 25 | $99.3M | $313.5M | ||
| Q1 25 | $93.7M | $327.3M | ||
| Q4 24 | $94.0M | $351.2M | ||
| Q3 24 | $94.7M | $217.6M | ||
| Q2 24 | $89.3M | $222.0M | ||
| Q1 24 | $87.3M | $227.6M |
| Q4 25 | — | 0.84× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $341.9K | $-43.5M |
| Free Cash FlowOCF − Capex | $-479.7K | — |
| FCF MarginFCF / Revenue | -2.1% | — |
| Capex IntensityCapex / Revenue | 3.5% | 0.0% |
| Cash ConversionOCF / Net Profit | 1.44× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $341.9K | $-43.5M | ||
| Q3 25 | $-1.4M | $-47.0M | ||
| Q2 25 | $609.7K | $-39.6M | ||
| Q1 25 | $803.7K | $-40.7M | ||
| Q4 24 | $2.4M | $42.0M | ||
| Q3 24 | — | $-14.5M | ||
| Q2 24 | $1.9M | $-7.3M | ||
| Q1 24 | — | $-6.7M |
| Q4 25 | $-479.7K | — | ||
| Q3 25 | $-1.4M | $-47.2M | ||
| Q2 25 | $-171.2K | $-39.6M | ||
| Q1 25 | $293.1K | $-40.8M | ||
| Q4 24 | $1.2M | $41.7M | ||
| Q3 24 | — | $-14.6M | ||
| Q2 24 | $869.4K | $-7.3M | ||
| Q1 24 | — | $-6.8M |
| Q4 25 | -2.1% | — | ||
| Q3 25 | -6.3% | -145.4% | ||
| Q2 25 | -0.8% | -252.2% | ||
| Q1 25 | 1.5% | -512.1% | ||
| Q4 24 | 5.5% | 48.2% | ||
| Q3 24 | — | -706.3% | ||
| Q2 24 | 4.2% | -1463.4% | ||
| Q1 24 | — | — |
| Q4 25 | 3.5% | 0.0% | ||
| Q3 25 | 0.2% | 0.6% | ||
| Q2 25 | 3.6% | 0.3% | ||
| Q1 25 | 2.7% | 1.1% | ||
| Q4 24 | 5.7% | 0.3% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | 5.2% | 7.6% | ||
| Q1 24 | — | — |
| Q4 25 | 1.44× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.01× | — | ||
| Q1 25 | 1.85× | — | ||
| Q4 24 | 4.27× | 0.84× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.99× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NTIC
| Inside The USA To Unaffiliated Customers | $7.5M | 32% |
| Natur Tec | $6.0M | 26% |
| Acobal | $3.6M | 15% |
| Other | $2.7M | 12% |
| BR | $2.1M | 9% |
| Zerust OY | $1.4M | 6% |
SPRY
| Products | $20.3M | 72% |
| Other | $7.8M | 28% |
